The energy price cap for October 2023 has been set at £1923
The previous price cap was set at £2074. The new capped rate equates to a little over 8% cheaper.
How does the Price Cap work?
The Price Cap is set by Ofgem. Your supplier must not charge more than the amount that has been set.
Does this mean I can use as much energy as I want, and I won’t be charged any more?
No, the price cap is based on average energy usage. If you used 2900 KWH of electricity and 12000 KWH of gas for a whole year, based on the current price cap, you will pay £1923.
Unit prices the Price Cap is based on:
Energy unit price and Standing Charge for price cap from 1 October 2023 | |
Electricity | £0.27 per KWh Daily standing charge: £0.53 |
Gas | £0.07 per KWh Daily standing charge £0.30 |
Energy Price Cap October 2023